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What are Tax benefits under Health Insurance?

Health Insurance Tax Benefits Under Income Tax Act

Those who have health insurance can avail quite a few health insurance tax benefits under IT Act. One can avail the tax benefit under Section 80D on premium paid for the health insurance for your parents, irrespective of the fact that your parents are dependent on the person paying the insurance or not. Tax benefit of up to Rs 30,000 can be availed which includes preventive health check up, irrespective of the fact that one is senior citizen or not. For parents who are senior citizens, Rs 5000 exemption can be enjoyed for preventive health checkup. In case one is above 60 years old and their parents are above 85 years of age, then a tax rebate on health insurance of Rs 65,000 can be enjoyed.

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